Thanks for reposting the photo. the new photobucket upload is quite easy now.
Your item seems to be a polished casting of the second version {note the 'bump' at the top of the fuselage behind the engine cowling}, buthe prop is wrong however and is not for this plane but the smaller 'Navy Fighter' {a Buffalo}.
Hard to say if it was some type of experimental prototype or not but there doesn't seem to be anything new on the casting, just the polished finish that could be done by anyone. I do like it in that finish, though.
Confirmed provenance is key if you are paying a big premium for a 'prototype'. Just a verbal description from a 'former employee' doesn't really count.
I have over the years obtained some unusual Hubley aircraft toys at the Hersey Toy show, most notably aluminum versions of some of their 1920s cast iron toys sold by a 'former employee'. {BTW he was really old as I recall and I doubt he is still around.} They were not priced by the seller any differently than the standard cast iron ones at the time. These were sold at auction earlier this year and were described by Morphy's experts as rare variants, known but hard to find. They did sell at higher prices than the normal ones this time. Cast iron collectors tend to be 65++, very well informed, and are very picky on condition and provenance
I also have a Grumman Goose in metal that also came from a 'former Hubley employee'. Again, there is no solid provenance and I didn't pay a lot for it. It is still unusual and for me, a specialist Hubley collector, it was a welcome and unusual item in my collection.
Here it is below, just tacked together for display -missing some parts. BTW I am selling this on January 10th so if anyone is interested in it before it goes to auction, let me know $75.00 including shippping, paypal only.

Here is the standard plastic version- note missing tail wheel. Most examples are found this way. If you find an all red one it is a more recent reissue from the original tooling. Still worth obtaining in my opinion.
